# Oracle's AI Cloud: The Backlog and the Debt Behind It

- URL: https://whatledto.com/events/oracle-ai-cloud
- Topic: Tech industry · Tags: Tech industry, AI infrastructure, Cloud, Data centers, Oracle
- Updated: Oct 15, 2026 · 27 dated entries

## Summary

Oracle’s AI-cloud build began showing up in its reported backlog in 2024, when remaining performance obligations reached $98 billion, alongside a rapid expansion of cloud data centers and GPU use. The backlog then rose from $138 billion at fiscal 2025 year-end to $455 billion in September 2025 and $664 billion by September 2026, supported by large AI contracts and Stargate capacity agreements with OpenAI. Delivering those commitments requires a large physical build-out: Oracle reported more than 225 live and planned cloud regions and 850 MW of capacity added in one quarter. The central tension is whether Oracle can complete and finance that build on schedule, as it reported negative $23.7 billion of fiscal-2026 free cash flow, outlined a plan to raise $45 billion to $50 billion in 2026, and faced pressure around data-center project financing and its bond yields.

## Key moments

- Jun 11, 2024: Oracle reports $98 billion in remaining performance obligations
- Sep 9, 2024: Oracle reports 162 cloud data centers operating or under construction
- Jan 21, 2025: OpenAI names Oracle an initial Stargate equity funder
- Jul 22, 2025: OpenAI and Oracle agree to develop 4.5 GW of Stargate capacity
- Sep 9, 2025: Oracle reports $455 billion of remaining performance obligations, up 359 percent
- Dec 10, 2025: Oracle reports $523 billion in remaining performance obligations
- Feb 1, 2026: Oracle plans to raise $45 billion to $50 billion during 2026
- Jun 10, 2026: Backlog reaches $638 billion as free cash flow runs $23.7 billion negative
- Sep 10, 2026: Another $30 billion of AI contracts takes the backlog to $664 billion
- Sep 24, 2026: Oracle sends Project Jupiter developer a force-majeure notice
- Oct 7, 2026: Oracle says it added 850 MW of capacity in a quarter, and counts 225 cloud regions
- Oct 14, 2026: Oracle is the only one of the four big AI bond issuers without an investment-grade rating

## Remaining performance obligations

| Date | Value | Entry |
|---|---|---|
| Jun 11, 2024 | $98bn | Oracle reports $98 billion in remaining performance obligations |
| Sep 9, 2024 | $99bn | Backlog reaches $99 billion as the AI contracts start landing |
| Dec 9, 2024 | $97bn | Backlog holds at $97 billion |
| Mar 10, 2025 | $130bn | Backlog reaches $130 billion |
| Jun 11, 2025 | $138bn | Backlog reaches $138 billion at the close of fiscal 2025 |
| Sep 9, 2025 | $455bn | Oracle reports $455 billion of remaining performance obligations, up 359 percent |
| Dec 10, 2025 | $523bn | Oracle reports $523 billion in remaining performance obligations |
| Mar 10, 2026 | $553bn | Backlog reaches $553 billion |
| Jun 10, 2026 | $638bn | Backlog reaches $638 billion as free cash flow runs $23.7 billion negative |
| Sep 10, 2026 | $664bn | Another $30 billion of AI contracts takes the backlog to $664 billion |

## Timeline (newest first)

### Oct 14, 2026 — Oracle is the only one of the four big AI bond issuers without an investment-grade rating

Alphabet, Amazon, Meta and Oracle had together issued more than $228 billion of bonds as of 13 October, on LSEG's count, more than double the total for all of 2025 — and of the four, CNBC reported, only Oracle lacks an investment-grade rating at S&P. Oracle's own cost of that debt showed it the same day: the 6.25 percent note maturing in November 2032 was yielding 7.24 percent to maturity, a full point above its coupon, meaning the market now prices Oracle's existing debt well below what Oracle pays on it. This page has tracked the capacity commitments and the borrowing that funds them; this is the first entry on what the borrowing costs.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n2182 (Update)
- Source: CNBC · Oct 14, 2026 · https://www.cnbc.com/2026/10/14/coreweave-stock-bond-yields-ai-debt.html — "For instance, hyperscalers Alphabet, Amazon, Meta Platforms and Oracle together have issued more than $228 billion in bonds, as of Oct. 13, according to LSEG. That is more than double the amount seen in all of 2025. All but Oracle have investment-grade ratings at S&P Credit Ratings."
- Editor's note: Written by hand on 2026-10-15. The research pass returned the 7.24 percent yield as its own candidate and the editor dropped it at 1/5 as "a market number on its own", which is right under this page's brief — a secondary-market yield is not a financing event. The credit standing is, and it carries the yield as evidence. The same pass also reported that S&P had cut Oracle to BBB- in October 2026 but could open no S&P publication to confirm it; BBB- is itself investment grade, which contradicts CNBC's sentence, and S&P's own disclosure page returns nothing to the fetcher. No rating is stated here for that reason — only what CNBC reports about where Oracle stands relative to the other three.

### Oct 7, 2026 — Oracle says it added 850 MW of capacity in a quarter, and counts 225 cloud regions

In a post dated 7 October, OCI head Karan Batta said Oracle Cloud Infrastructure now had more than 225 live and planned cloud regions and had added 850 MW of data-center capacity in the preceding quarter. It is Oracle's own measure of how fast the build is running, stated in megawatts rather than dollars.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n2177 (Announcement)
- Source: Oracle · Oct 8, 2026 · https://blogs.oracle.com/cloud-infrastructure/oci-2026-gartner-magic-quadrant-scps-dhi — "OCI now has more than 225 live and planned cloud regions, and we added 850 MW of data center capacity this past quarter."
- Editor's note: The cited blog post carries no date in its text and returns HTTP 403 to a plain request; its byline date, October 7, 2026, was read from the rendered page. The research pass had dated this 2026-10-08, which the source does not support.

### Oct 2, 2026 — Oracle announces plan to absorb $300 million in Wisconsin energy costs

Oracle announced a commitment to absorb approximately $300 million in rising energy costs for Wisconsin ratepayers. Oracle said the commitment was part of its Wisconsin energy strategy for Project Lighthouse and involved a planned Point Beach Nuclear Plant electricity subscription.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1894 (Announcement)
- Source: Oracle · Oct 2, 2026 · https://www.oracle.com/news/announcement/oracle-announces-commitment-to-absorb-rising-point-beach-energy-costs-2026-10-02/ — "By absorbing approximately $300 million in rising energy costs, we are helping protect Wisconsin ratepayers while supporting the reliable, carbon-free power the state depends on."
- Editor's note: Oracle’s announcement says it would subscribe to part of Point Beach Nuclear Plant generation and absorb approximately $300 million in rising energy costs to protect Wisconsin utility customers. It also connects the commitment to Project Lighthouse and Oracle’s broader Wisconsin investment.

### Sep 24, 2026 — Oracle shares close down 3.5% after Project Jupiter notice

Oracle shares closed down 3.5% after the Project Jupiter force-majeure notice was disclosed. Axios reported that the shares had recovered from steeper losses earlier in the session.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1892 (Report)
- Source: Axios · Sep 24, 2026 · https://www.axios.com/2026/09/24/oracle-force-majeure-blue-owl-openai — "Oracle shares closed down 3.5% Thursday after paring steeper losses in the morning."
- Editor's note: The cited Axios page says Oracle delivered a force-majeure notice related to Project Jupiter and that its shares closed down 3.5% Thursday after paring steeper morning losses. The page was published on 2026-09-24.

### Sep 24, 2026 — Oracle sends Project Jupiter developer a force-majeure notice

Oracle sent a force-majeure notice to the developer of Project Jupiter, a Blue Owl Capital unit. Axios identified the developer as Stack Infrastructure and reported concerns about a possible completion delay.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1891 (Response)
- Source: Bloomberg · Sep 24, 2026 · https://www.bloomberg.com/news/articles/2026-09-24/oracle-cites-force-majeure-to-shield-itself-on-controversial-data-center — "The technology giant sent the project’s developer, a unit of Blue Owl Capital Inc., a notice citing force majeure, according to people familiar with the situation."
- Source: Axios · Sep 24, 2026 · https://www.axios.com/2026/09/24/oracle-force-majeure-blue-owl-openai — "Oracle, the main tenant of the coming Project Jupiter data center campus, delivered a force majeure notice to the developer, Blue Owl unit Stack Infrastructure, amid growing concerns about a possible delay in completion."
- Editor's note: Both cited pages support the notice, the developer’s Blue Owl affiliation, and Axios’s identification of Stack Infrastructure and concern about a possible completion delay. Both pages are dated 2026-09-24.

### Sep 18, 2026 — Reuters reports pressure on $18 billion in Project Jupiter loans

Reuters reported that about $18 billion in loans tied to an Oracle-leased New Mexico data center traded at 89 to 91 cents on the dollar. The report identified Santander and Jefferies as syndicate banks quoting the loans.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1890 (Report)
- Source: Reuters via AOL · Sep 18, 2026 · https://www.aol.com/articles/oracles-18-billion-data-center-220302000.html — "About $18 billion in loans tied to an Oracle-leased data center in New Mexico has come under pressure, with loans quoted at 89 to 91 cents on the dollar by syndicate banks including Santander and Jefferies, the Financial Times reported on Friday."
- Editor's note: The cited AOL Reuters page states that about $18 billion in loans tied to an Oracle-leased New Mexico data center were quoted at 89 to 91 cents on the dollar by syndicate banks including Santander and Jefferies. It is dated September 18, 2026.

### Sep 17, 2026 — Oracle and Vantage announce $175 million in Lighthouse infrastructure spending

Oracle and Vantage Data Centers announced a Wisconsin public-information campaign for Project Lighthouse. They said Project Lighthouse was investing $175 million in local water, wastewater, and power infrastructure upgrades.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1889 (Announcement)
- Source: Oracle · Sep 17, 2026 · https://www.oracle.com/news/announcement/oracle-and-vantage-launch-campaign-highlighting-commitments-to-wisconsin-2026-09-17/ — "In addition, Project Lighthouse is investing $175 million in local infrastructure upgrades, including expanded water and wastewater treatment capacity, upgraded water mains and sewer lines, a new water tower, and power infrastructure."
- Editor's note: The Oracle announcement dated September 17, 2026 says Oracle and Vantage launched an advertising campaign to inform Wisconsin residents about Project Lighthouse and states that the project is investing $175 million in local water, wastewater, and power-related infrastructure upgrades.

### Sep 15, 2026 — Oracle announces Texas wind investments exceeding 1.7 GW

Oracle announced investments in Texas wind-generation projects delivering more than 1.7 GW of carbon-free electricity. The projects were intended to support the ERCOT grid serving Oracle’s Abilene AI facility.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1887 (Announcement)
- Source: Oracle · Sep 15, 2026 · https://www.oracle.com/news/announcement/oracle-invests-in-more-than-1.7-gw-of-carbon-free-electricity-to-support-ai-growth-and-strengthen-the-texas-grid-2026-08-15/ — "Today, Oracle announced investments in wind energy generation projects delivering more than 1.7 gigawatts (GW) of carbon-free electricity in Texas."
- Editor's note: The Oracle announcement states that it invested in Texas wind-generation projects delivering more than 1.7 GW of carbon-free electricity and that the projects supply the ERCOT grid powering Oracle’s Abilene facility. The page is dated 2026-09-15.

### Sep 10, 2026 — Another $30 billion of AI contracts takes the backlog to $664 billion

Oracle said it booked more than $30 billion of additional AI cloud contracts in its fiscal first quarter, taking remaining performance obligations to $664 billion, and that the way those contracts were structured meant no incremental impact on its plans to raise capital. Quarterly revenue rose 30 percent to $19.3 billion.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1721 (Report)
- Source: Oracle · Sep 10, 2026 · https://www.oracle.com/news/announcement/q1fy27-earnings-release-2026-09-10/ — "Oracle booked more than $30 billion of additional AI cloud contracts in Q1 increasing its RPO to $664 billion."

### Jun 10, 2026 — Backlog reaches $638 billion as free cash flow runs $23.7 billion negative

Oracle ended fiscal 2026 with remaining performance obligations of $638 billion, up 363 percent year over year and $85 billion higher than a quarter earlier. Free cash flow for the year was negative $23.7 billion as the company kept building cloud-infrastructure capacity.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1720 (Report)
- Source: Oracle · Jun 10, 2026 · https://www.oracle.com/news/announcement/q4fy26-earnings-release-2026-06-10/ — "Remaining Performance Obligations, or RPO, ended the quarter at $638 billion, up 363% USD year-over-year and up $85 billion sequentially from the end of Q3."

### Mar 10, 2026 — Backlog reaches $553 billion

Oracle reported remaining performance obligations of $553 billion, up 325 percent year over year.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1740 (Report)
- Source: Oracle · Mar 10, 2026 · https://www.oracle.com/news/announcement/q3fy26-earnings-release-2026-03-10/ — "Remaining Performance Obligations $553 billion, up 325% year-over-year in USD"

### Feb 1, 2026 — Oracle plans to raise $45 billion to $50 billion during 2026

Oracle said it expected to raise $45 billion to $50 billion of gross cash proceeds during calendar 2026. The statement described a calendar-year funding plan.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1734 (Financial)
- Source: Oracle · Feb 1, 2026 · https://investor.oracle.com/investor-news/news-details/2026/Oracle-announces-Equity-and-Debt-Financing-Plan-for-Calendar-Year-2026/default.aspx?embed=true — "“Oracle expects to raise $45 to $50 billion of gross cash proceeds during the 2026 calendar year.”"
- Editor's note: The page states that Oracle expects to raise "$45 to $50 billion of gross cash proceeds during the 2026 calendar year" and describes this as its full calendar-year 2026 funding plan. The release is dated February 1, 2026.

### Dec 10, 2025 — Oracle reports $523 billion in remaining performance obligations

Oracle reported that remaining performance obligations increased by $68 billion in the second quarter to $523 billion. It said the increase included new commitments from Meta, NVIDIA, and others.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1733 (Announcement)
- Source: Oracle · Dec 10, 2025 · https://www.oracle.com/europe/news/announcement/q2fy26-earnings-release-2025-12-10/ — "“Remaining Performance Obligations increased by $68 billion in Q2—up 15% sequentially to $523 billion—highlighted by new commitments from Meta, NVIDIA, and others.”"
- Editor's note: The page states that RPO increased by $68 billion in Q2, up 15% sequentially to $523 billion, with new commitments from Meta, NVIDIA, and others. It is dated December 10, 2025.

### Oct 16, 2025 — Oracle says it is raising its long-term financial outlook

Oracle said it was raising its long-term financial outlook. The statement appeared in its 2025 financial analyst meeting presentation.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1732 (Financial)
- Source: Oracle Financial Analyst Meeting presentation · Oct 16, 2025 · https://www.oracle.com/a/ocom/docs/corporate/financial-analyst-meeting-2025-kehring.pdf — "“The result is we are raising our long-term financial outlook…again.”"
- Editor's note: The presentation states, “Result is we are raising our long-term financial outlook…again.” It also says all information in the presentation is current as of October 16, 2025.

### Sep 23, 2025 — OpenAI, Oracle, and SoftBank announce five Stargate data-center sites

OpenAI, Oracle, and SoftBank announced five new U.S. AI data-center sites under Stargate. The announcement identified the sites as Stargate projects.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1731 (Announcement)
- Source: OpenAI · Sep 23, 2025 · https://openai.com/index/five-new-stargate-sites/ — "“OpenAI, Oracle, and SoftBank are announcing five new U.S. AI data center sites under Stargate.”"
- Editor's note: The page states that OpenAI, Oracle, and SoftBank are announcing five new U.S. AI data center sites under Stargate, and identifies them as Stargate sites. The page supports the stated event date of 2025-09-23.

### Sep 9, 2025 — Oracle signs four multibillion-dollar contracts with three customers

Oracle said it signed four multibillion-dollar contracts with three customers in the first quarter. The statement was included in Oracle's fiscal-2026 first-quarter financial-results release.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1730 (Financial)
- Source: Oracle · Sep 9, 2025 · https://investor.oracle.com/investor-news/news-details/2025/Oracle-Announces-Fiscal-Year-2026-First-Quarter-Financial-Results/default.aspx — "“We signed four multi-billion-dollar contracts with three different customers in Q1.”"
- Editor's note: The page is readable and is titled "Oracle Announces Fiscal Year 2026 First Quarter Financial Results," dated September 9, 2025. It states that Oracle signed four multi-billion-dollar contracts with three different customers in Q1, matching the summary and quote.

### Sep 9, 2025 — Oracle reports $455 billion of remaining performance obligations, up 359 percent

Oracle said its remaining performance obligations reached $455 billion at the end of its fiscal first quarter, up 359 percent in both dollars and constant currency, on quarterly revenue of $14.9 billion. The disclosure recast a database company as a contracted supplier of AI compute.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1719 (Report)
- Source: Oracle · Sep 9, 2025 · https://www.oracle.com/news/announcement/q1fy26-earnings-release-2025-09-09/ — "Q1 Remaining Performance Obligations $455 billion, up 359% in both USD and constant currency"

### Jul 22, 2025 — OpenAI and Oracle agree to develop 4.5 GW of Stargate capacity

OpenAI and Oracle entered an agreement to develop 4.5 gigawatts of additional Stargate data-center capacity in the United States. The agreement concerned the Stargate project.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1729 (Announcement)
- Source: OpenAI · Jul 22, 2025 · https://openai.com/index/stargate-advances-with-partnership-with-oracle/ — "“Oracle and OpenAI have entered an agreement to develop 4.5 gigawatts of additional Stargate data center capacity in the U.S.”"
- Editor's note: The page states that Oracle and OpenAI entered an agreement to develop 4.5 gigawatts of additional Stargate data-center capacity in the U.S. It does not provide a publication or event date in the readable text, so the stated date cannot be verified from this page.

### Jun 11, 2025 — Backlog reaches $138 billion at the close of fiscal 2025

Oracle closed fiscal 2025 with remaining performance obligations of $138 billion, up 41 percent, the last reading before the figure more than tripled a quarter later.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1739 (Report)
- Source: Oracle · Jun 11, 2025 · https://www.oracle.com/news/announcement/q4fy25-earnings-release-2025-06-11/ — "Remaining Performance Obligations up 41% to $138 billion"

### Mar 10, 2025 — Backlog reaches $130 billion

Oracle reported remaining performance obligations of $130 billion, up 62 percent in dollars and 63 percent in constant currency.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1738 (Report)
- Source: Oracle · Mar 10, 2025 · https://www.oracle.com/news/announcement/q3fy25-earnings-release-2025-03-10/ — "Remaining Performance Obligations $130 billion, up 62% in USD & up 63% in constant currency"

### Mar 10, 2025 — Oracle signs more than $48 billion of sales contracts in Q3

Oracle said it signed sales contracts worth more than $48 billion in fiscal third-quarter 2025. The statement was included in Oracle's fiscal-2025 third-quarter earnings release.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1727 (Announcement)
- Source: Oracle · Mar 10, 2025 · https://www.oracle.com/news/announcement/q3fy25-earnings-release-2025-03-10/ — "“Oracle signed sales contracts for more than $48 billion in Q3.”"
- Editor's note: The Oracle earnings release states that Oracle signed sales contracts for more than $48 billion in Q3 and identifies the results as fiscal 2025 Q3. It is dated March 10, 2025.

### Jan 21, 2025 — OpenAI names Oracle an initial Stargate equity funder

OpenAI named SoftBank, OpenAI, Oracle, and MGX as the initial equity funders in Stargate. The announcement identified Oracle as one of the project’s initial funders.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1726 (Announcement)
- Source: OpenAI · Jan 21, 2025 · https://openai.com/index/announcing-the-stargate-project/ — "“The initial equity funders in Stargate are SoftBank, OpenAI, Oracle, and MGX.”"
- Editor's note: The page explicitly lists SoftBank, OpenAI, Oracle, and MGX as Stargate’s initial equity funders. The readable page text does not state an event or publication date, so it does not support the stated 2025-01-21 date.

### Dec 9, 2024 — Backlog holds at $97 billion

Oracle reported remaining performance obligations of $97 billion, up 49 percent in dollars and 50 percent in constant currency, a quarter after reporting $99 billion.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1737 (Report)
- Source: Oracle · Dec 9, 2024 · https://www.oracle.com/news/announcement/q2fy25-earnings-release-2024-12-09/ — "Remaining Performance Obligations $97 billion, up 49% in USD & 50% in constant currency"

### Dec 9, 2024 — Oracle reports 336% growth in quarterly GPU consumption

Oracle reported that GPU consumption rose 336% in the quarter. The statement was included in Oracle's fiscal-2025 second-quarter earnings release.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1725 (Announcement)
- Source: Oracle · Dec 9, 2024 · https://www.oracle.com/news/announcement/q2fy25-earnings-release-2024-12-09/ — "“GPU consumption was up 336% in the quarter.”"
- Editor's note: The Oracle fiscal 2025 Q2 earnings release states that GPU consumption was up 336% in the quarter. The release is dated December 9, 2024.

### Sep 9, 2024 — Backlog reaches $99 billion as the AI contracts start landing

Oracle reported remaining performance obligations of $99 billion, up 53 percent, in the quarter it also said it had 162 cloud data centres operating or under construction.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1736 (Report)
- Source: Oracle · Sep 9, 2024 · https://www.oracle.com/news/announcement/q1fy25-earnings-release-2024-09-09/ — "Remaining Performance Obligations up 53% to $99 billion"

### Sep 9, 2024 — Oracle reports 162 cloud data centers operating or under construction

Oracle said it had 162 cloud data centers in operation and under construction worldwide. The statement was included in Oracle's fiscal-2025 first-quarter earnings release.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1724 (Announcement)
- Source: Oracle · Sep 9, 2024 · https://www.oracle.com/news/announcement/q1fy25-earnings-release-2024-09-09/ — "“Oracle has 162 cloud datacenters in operation and under construction around the world.”"
- Editor's note: The Oracle fiscal 2025 Q1 earnings release states that Oracle had 162 cloud datacenters in operation and under construction worldwide. The release is dated September 9, 2024.

### Jun 11, 2024 — Oracle reports $98 billion in remaining performance obligations

Oracle said record sales drove remaining performance obligations up 44% to $98 billion. Reuters also reported that remaining performance obligations were $98 billion in the fourth quarter, up 44% from a year earlier.

- Entry: https://whatledto.com/events/oracle-ai-cloud#n1722 (Announcement)
- Source: Oracle / SEC Exhibit 99.1 · Jun 11, 2024 · https://www.sec.gov/Archives/edgar/data/1341439/000095017024071916/orcl-ex99_1.htm — "“These record level sales drove RPO up 44% to $98 billion.”"
- Source: Reuters, syndicated by Investing.com · Jun 11, 2024 · https://investing.com/news/economy/oracle-expects-doubledigit-revenue-growth-for-fiscal-2025-on-strong-ai-demand-3480112 — "“Remaining performance obligations — the most popular measure of booked revenue — came at $98 billion in the fourth quarter, up 44% from a year ago.”"
- Editor's note: The page states that Q4 total remaining performance obligations increased 44% to $98 billion and attributes this to record-level sales. It is dated June 11, 2024.

## Where sources disagree or fall silent

- Oracle has not publicly identified the counterparties, durations, pricing, or conditions for most of the $664 billion in remaining performance obligations.
- It remains unclear how Oracle’s planned $45 billion to $50 billion of 2026 gross financing proceeds will be split among debt, equity, project-level financing, and other sources, or how much of the data-center cost sits with partners and developers.
- Oracle said the structure of the additional $30 billion of AI contracts had no incremental effect on its capital-raising plans, but the sources do not explain that structure or reconcile it with the scale of the planned build-out.
- The ultimate effect of Oracle’s force-majeure notice on Project Jupiter is unresolved: reporting raised the prospect of a completion delay but did not establish whether capacity delivery or customer commitments would be affected.
- The sources do not establish whether the Wisconsin energy commitment, Texas wind projects, and other local infrastructure measures will be sufficient to support the planned capacity on schedule.

## What to watch next

- Oct 25, 2026: Oracle AI World opens in Las Vegas — The conference could bring customer, capacity, or data-center announcements that clarify the contracts behind Oracle’s backlog. (https://www.oracle.com/openworld/)
- Nov 18, 2026: Oracle holds its 2026 annual stockholder meeting — Shareholders may seek detail on the funding plan, free-cash-flow deficit, and execution of the AI-cloud expansion. (https://investor.oracle.com/financials/annual-meeting-of-stockholder/default.aspx)
- Dec 14, 2026: Oracle reports fiscal-2027 second-quarter results — The results should provide the next remaining-performance-obligations figure and an update on capacity construction, cash flow, and financing. (https://investor.oracle.com/faq/default.aspx)

## Who is involved

- Oracle (company): The cloud provider building AI data-center capacity, reporting the backlog, and arranging financing for the expansion.
- OpenAI (company): A Stargate partner that agreed with Oracle to develop 4.5 GW of additional U.S. data-center capacity.
- Project Jupiter (product): The New Mexico data-center project leased by Oracle, tied to roughly $18 billion in loans and a reported possible completion delay.
- Stargate (product): The AI-infrastructure project through which OpenAI, Oracle, SoftBank, and other partners are developing U.S. capacity.
- Project Lighthouse (product): The Wisconsin Oracle and Vantage data-center project, whose infrastructure and energy costs have become part of the build-out.
- SoftBank (company): An initial Stargate equity funder and a partner in the announcement of five new Stargate sites.
- Abilene AI facility (product): Oracle facility intended to be supported by the Texas wind projects.
- Blue Owl Capital (company): Its unit is the developer connected to Project Jupiter, where Oracle issued a force-majeure notice.
- Electric Reliability Council of Texas (other): Texas grid operator whose grid serves Oracle’s Abilene AI facility.
- Jefferies (company): A syndicate bank quoted in reporting on secondary-market prices for loans tied to Project Jupiter.
- Meta (company): One of the companies Oracle identified as making new commitments that contributed to its $523 billion backlog in December 2025.
- MGX (company): An initial equity funder of the Stargate project.
- Nvidia (company): One of the companies Oracle identified as making new commitments that contributed to its $523 billion backlog in December 2025.
- Point Beach Nuclear Plant (product): Nuclear plant involved in Oracle’s planned Wisconsin electricity subscription.
- Public Service Commission of Wisconsin (regulator): Wisconsin utility regulator that revoked the completeness determination and would consider the Point Beach-related approval.
- Santander (company): A syndicate bank quoted in reporting on secondary-market prices for loans tied to Project Jupiter.
- Stack Infrastructure (company): The Blue Owl unit identified as the developer of Project Jupiter.
- Vantage Data Centers (company): Oracle’s partner on Project Lighthouse in Wisconsin, including local water, wastewater, and power infrastructure spending.

## Changelog

- Oct 15, 2026: Added 3 entries: 2026-10-07 Oracle says it added 850 MW of capacity in a quarter, and counts 225 cloud regions; 2026-10-14 Oracle's November 2032 notes yield 7.24%; 2026-10-14 Oracle is the only one of the four big AI bond issuers without an investment-grade rating. Added 1 hand-verified entry by the editor.
- Oct 8, 2026: Added 6 entries: 2026-09-15 Oracle announces Texas wind investments exceeding 1.7 GW; 2026-09-17 Oracle and Vantage announce $175 million in Lighthouse infrastructure spending; 2026-09-18 Reuters reports pressure on $18 billion in Project Jupiter loans; 2026-09-24 Oracle sends Project Jupiter developer a force-majeure notice and 2 more.
- Oct 1, 2026: Added 5 hand-verified entries by the editor. Added 11 entries: 2024-06-11 Oracle reports $98 billion in remaining performance obligations; 2024-09-09 Oracle reports 162 cloud data centers operating or under construction; 2024-12-09 Oracle reports 336% growth in quarterly GPU consumption; 2025-01-21 OpenAI names Oracle an initial Stargate equity funder and 7 more. Added 3 hand-verified entries by the editor.

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